Quick take:
- Circle said it will then offer seamless access between TMMF collateral and USDC.
- This integration allows USYC to become “a preferred form of yield-bearing collateral” on crypto exchanges, custodians and prime brokers.
- The company also announced its partnership with DRW affiliate Cumberland to support the adoption of USDC and USYC.
Circle has announced the acquisition of Hashnote, the issuer of the tokenised treasury money market fund USYC. The stablecoin issuer also said it will fully integrate Hashnote’s tokenised treasury money market fund with the USDC.
The integration is also part of a plan to offer seamless access between TMMF collateral and USDC, allowing USYC to become “a preferred form of yield-bearing collateral” on crypto exchanges, custodians and prime brokers.
Jeremy Allaire, CEO and Chairman of Circle commented: “The integration of USYC and Hashnote into Circle’s platform marks a major moment in the evolution of the stablecoin market, as cash and yield-bearing short-duration treasury bill assets become fungible and convertible at the speed of blockchains and crypto capital markets.”
Circle also explained in the press release that its partnership with DRW affiliate Cumberland, allows it to tap into the liquidity capabilities of DRW to support USDC and USYC adoption.
The acquisition creates a new vertical in Circle’s expanding crypto footprint as it enters the tokenised real-world assets space.
The announcement also comes on the heels of Circle’s recent partnership with Binance and Aptos through Stripe.
Leo Mizuhara, CEO and Founder of Hashnote commented: “Joining Circle increases our ability to rapidly scale adoption by pairing USDC, a widely-used, liquid payment and trading stablecoin, with USYC, a safe, Tokenized Money Market Fund for yield-bearing collateral.”
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